The strongest growth was in credit provided through car dealerships and high street stores.
Fiona Hoyle, head of consumer finance at the FLA, said: "[The] figures underline the need for consumers to be able to access affordable and responsibly-provided credit.
"2013 will be a pivotal year for the consumer credit industry as the Government prepares to publish its consultation on the new regulatory regime. It is vital that the new system supports the diversity of this market."
For much of 2012, growth was driven by the point-of-sale credit markets. Consumer motor finance was up by 22% to £16.7 billion and retail store instalment credit grew by 15% to £2.8 billion.
The second charge mortgage market also reported growth of 14% in the value of new business during 2012, although the number of new contracts increased by a more modest 2%.
The credit card finance and personal loans market reported a similar level of new business to 2011.
